Teece et al. (1997) emphasized that ﬁrm dynamic capabilities reﬂect how organizations ﬁrst develop ﬁrm-speciﬁc capabilities and competencies in a changing business environment. These capabilities and competences are highly related to the ﬁrm’s business process, market position and expansion path. Managerial and organizational processes refer to ﬁrm methods for decision completion.